DOING YOUR HOMEWORK
Learn to see with a buyer’s eye
Homesellers need to understand that buyers today have access to more information and are more educated and savvy than ever.
As a result, today’s buyers tend to be more cautious.
Any small issue they see with the condition of the home could raise red flags about potential major problems. They may second-guess their interest in the home.
It’s best to take extra special care of your home long before you consider putting it on the market.
Here’s some tips on how to see your home with a buyer’s eye and avoid problems that may scuttle a sale:
REPAIRS
When addressing a home repair issue as a homeowner, anticipate future questions and try to resolve the issue in a manner that would give comfort to a prospective buyer.
For example, when fixing a small crack in your foundation, consult the original builder to see if you can find out what happened and why (you might even find out it’s covered by the builder’s warranty).
When you have the repair corrected, have the contractor prepare a detailed invoice explaining the issue and the work done to correct it.
The gold standard is to get a transferable warranty you can give to the next owner.
MAINTENANCE
Buyers walking through a home are trying to determine if the property has been well maintained. Even if the buyer doesn’t see a potential issue, their home inspector almost certainly will.
One thing we’ve found is buyers tend to “horribilize” issues. In other words, the buyer will imagine the worst-case scenario.
Let’s say the HVAC filter hasn’t been changed in a while and is dirty. From the seller’s perspective, the cost to replace the filter is only a few dollars. Buyers, however, will think the clogged filter has strained the HVAC system, which will shorten its life, and wonder what other routine maintenance issues have been neglected in the home.
Regularly and proactively maintaining your home will pay dividends.
BOUNDARIES
In preparing to list a home, one thing we ask from our seller clients (town houses, row houses and single-family detached) is a copy of the land survey. This is a document they likely received at the time they purchased the property and is with their original closing papers.
Any time you or your neighbour put in a fence, driveway or other landscaping/hardscaping feature, make sure it is on the correct property. If there is an encroachment (even a little bit), you will want to consult a lawyer.
There is often a simple legal solution at the time the encroachment occurs. Encroach- ment issues are potentially big deals at settlement causing delays and costs, and in some cases, the deal to fall apart.
PERMITS
Whether a particular job needs a permit seems to have different interpretations. It’s best to err on the side of caution and get a permit.
Certainly, if there is a significant repair or if you are going to advertise something as a feature of your home, the work should have been permitted.
Cutting a corner to avoid permitting might sound like an attractive way to save money, but will likely cost you later.
WATER
Water issues result in some of the most costly home-inspection items we see, such as foundation issues, mould and roof problems.
The good news is water issues can be avoided relatively inexpensively if you are vigilant and proactive.
Keep your gutters clean and make sure your downspouts empty away from your foundation. Make sure the ground around the perimeter of your home slopes away from the foundation.
When a home is constructed, the builder will dig out a big hole, pour a foundation, then fill in the empty surrounding space with fill dirt, hopefully with a proper slope away from the foundation. Because that soil is loose, it tends to settle over time, creating a negative slope toward the foundation. Since this happens gradually over years, most homeowners don’t notice until they discover they have a water problem in their basement.
DETAILS
Make sure your caulking and roof flashing are in good shape. Make sure your air conditioning condensate drain lines are clean and you have a backup system that alerts you when they are activated. Make sure your dryer vent is clean and blows the hot, moist air outside and not into your attic or between walls.
PAPERWORK
As you acquire paperwork related to your home, ask yourself: “Is this something a future owner might want or need?”
Whether it be a land survey, manual, architectural drawing, irrigation system map, copies of contractor invoices and permits — it’s best to keep it.